Common use of Statement of Service Clause in Contracts

Statement of Service. Bank shall provide to Customer the Zero Balance Account (“ZBA”) service, in which Bank shall initiate automatic transfers of funds from certain accounts designated by Customer (“Subsidiary Accounts”) into a single account designated by Customer to hold funds transferred from one or more Subsidiary Accounts (the “Master Account”) in order to arrive at a specified ending balance (“target” balance) in each Subsidiary Account. Customer’s instructions to Bank regarding which accounts to include and the level of balances to be maintained in each Subsidiary Account shall be as specified by Customer in writing, subject to modification from time to time if requested by Customer.